Questions For The Bankruptcy Lawyer
Frequently Asked Questions From Bankruptcy Attorney Candace Kallen
After filing chapter 7 bankruptcy or chapter 13 bankruptcy, it will be time for a fresh start. You will be able to enjoy a life without creditor harassment, without anxiety over unpaid bills. After you have filed bankruptcy, your debt-to-income ratio is improved and lenders may even consider you less of a credit risk after filing bankruptcy since the majority of your debts were eliminated in your bankruptcy. Initially, interest rates on new loans can be relatively high, but credit is typically available immediately after receiving your bankruptcy discharge.
A: No. Every asset that is in your name must be listed in your bankruptcy filing. Once you have included all of your assets, one of our experienced bankruptcy lawyers will use the applicable Arizona bankruptcy exemptions to protect your assets. In most cases, all of your personal and tangible assets will be exempted, along with your car, your house, etc.
A: Yes, you should be able to keep your pets even though you are filing for bankruptcy. Although you should report animals of any value on your schedules such as pedigree dogs or cats, horses etc., you will most likely be able to exempt your pets from your Phoenix, Tucson, Arizona bankruptcy and keep your pets.
A: Absolutely! Are you overwhelmed with medical debts? If you have significant medical bills, filing an Arizona Chapter 7 Bankruptcy can eliminate your medical bills completely. Contact one of our bankruptcy lawyers in Phoenix, Tucson, Flagstaff or other locations in Arizona and find out if the bankruptcy means test says you qualify to file for Chapter 7 Bankruptcy.
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A: Credit cards probably contributed to your bankruptcy filing. However, staying current with credit cards after your bankruptcy is an excellent way of rebuilding your credit. Credit cards are usually available immediately after receiving your bankruptcy discharge. In fact, in many cases the very same creditors whose debts were just discharged during the bankruptcy may offer you credit once again. The credit card companies are offering you a “fresh start” with them. The credit card companies are motivated by future profits, not past losses, and see the bankruptcy on your credit report as an opportunity to justify charging you higher interest rates and fees. Secured credit cards, (which require a deposit), are readily available after bankruptcy and can be used just like a regular credit card. Obtaining new credit and managing it wisely is the best way to improve your credit following a bankruptcy — even if obtaining more credit equates to higher interest rates in the short-term. Ask the professionals at bankruptcy-az.com to get you started on one of our credit rebuilding programs.
A: Most credit card companies will want you to keep their credit card for use after bankruptcy. They will do this for you if you agree to reaffirm the balance on their card and enter into a new agreement, signed after the bankruptcy filing…We don’t believe that it is worth reaffirming your credit card debt during your bankruptcy filing.
A: If you are considering declaring bankruptcy in Arizona and are worried about what the effects declaring bankruptcy will have on your credit score, you should contact a bankruptcy lawyer in Arizona and ask about what effects bankruptcy has on your credit rating and how to rebuild your credit after filing for bankruptcy in Tucson, Phoenix, Glendale, throughout Arizona.
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A: Yes! You should be able to get an auto loan immediately after filing for bankruptcy. There are several places that offer loans to people going through a bankruptcy. The interest rates that you will receive will be steep, but financing a car after a bankruptcy is possible. Ask your knowledgeable Arizona bankruptcy specialist to recommend a source for you to receive auto financing after your bankruptcy filing in Arizona.
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A: When buying a house, it is often wise to wait the two years to rebuild your credit and save for a down payment. Lenders do not usually take bankruptcies into consideration as long as you have waited for at least two years after your bankruptcy discharge to apply for a loan. Not all lenders operate that way, there are some lenders who may finance a mortgage in as little as one day after your bankruptcy discharge. However, the interest rates offered by those lenders are generally significantly higher than the rate you could obtain after rebuilding your credit and saving for two years. It is very important to work on rebuilding your credit after filing for bankruptcy.
A: Usually you can keep your property if you choose to file for bankruptcy. Certain property is called “exempt” (that means protected) assets. You are allowed to keep those items that are exempt when filing for bankruptcy protection. The concept behind exempt items is that you will need certain basic items in order to make a successful fresh start after declaring bankruptcy.
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A: A Chapter 7 Bankruptcy is reported on your credit for 10 years following the filing of your case, that doesn’t mean that it takes 10 years to obtain more credit. Typically, recent bankruptcy filers qualify for certain types of credit immediately after their bankruptcy is discharged. Ask the professionals at bankruptcy-az.com to help you get started on a credit re-building program once your Arizona bankruptcy has been discharged.
A: A chapter 7 is the most common form of Arizona bankruptcy and is most often filed by individuals and couples. This bankruptcy protection is also available to corporations, partnerships, and limited liability companies (LLCs). In Arizona Chapter 7 bankruptcy proceedings, a court-appointed trustee liquidates your non-exempt assets and divides funds equally between creditors. All remaining debts are then discharged.
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A: The decision to file bankruptcy should not, in general, be driven by a single debt. Deciding to file bankruptcy should be made after considering: your total financial picture, the scope of relief that bankruptcy offers you, and the non-bankruptcy alternatives that are available to you.
If you still have questions on any bankruptcy issue, our Phoenix, Tucson, Arizona bankruptcy lawyers will consult with you at no charge. Contact us to schedule a free debt evaluation or specifically request to speak with one of our experienced bankruptcy attorneys. Call us today. We are available to help you now!
Find out if bankruptcy is the right choice for you. The consultation is FREE and our advice is sound.
A: Declaring bankruptcy does not get you off of the hook for your child and/or spousal support payments. Payments made to your ex-spouse or the legal guardian of your child for child or spousal support that was ordered in your divorce settlement agreement is considered “non-dischargeable.” That means that even if you declare Chapter 7 bankruptcy, you are still obligated to make these payments.
A: Filing bankruptcy in Arizona can be filed by one or both married partners. If you are considering filing for bankruptcy in Phoenix, Tucson or anywhere in Arizona you should contact an experienced bankruptcy attorney. It is entirely legal for a person to file for bankruptcy in Arizona without his or her spouse.
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A: We can stop creditor harassment Immediately! If you choice to retain us after your FREE Initial Consultation, we will give you a client record number. You can then refer all those annoying creditor calls to your bankruptcy lawyer from our office. Feel the freedom as there are no more credit card payments and no more harassment immediately upon retaining The My AZ Lawyers.
A: Yes, the law requires that you attend a Section 341 (Meeting of Creditors). This hearing is conducted by the bankruptcy trustee assigned to your case. At this hearing, the trustee will ask you questions about your petition, assets, and liabilities. In most cases, this court appearance is the only one required, and you will not even see the judge assigned to your case. As your attorney, we will attend your 341 Hearing with you to protect your interests. We are there for you every step of the way throughout your bankruptcy filing.
A: If you file for bankruptcy, it doesn’t mean that everybody will know that you have filed. The only parties that will automatically receive notice of your Arizona bankruptcy are your creditors, the bankruptcy court and the Internal Revenue Service (IRS). Your employer will not be notified of your bankruptcy, unless, however, your employer is also one of your creditors. Filing bankruptcy in Arizona is a matter of public record, so, in theory, anyone who wants to find out if you have filed bankruptcy could determine that you had filed. Generally, though, only you, your creditors and the IRS will know that you have filed for bankruptcy. The My AZ Lawyers will take extra steps to ensure the protection of your personal information and the confidentiality of your situation.
A: Yes there are! Bankruptcy attorneys at The My AZ Lawyers, PLLC have arranged our fees on a “flat fee” basis to ensure affordability. Low price bankruptcy that is affordable in Phoenix, Tucson, Flagstaff, and throughout Arizona.
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A: If your financial troubles are bad enough that you are seriously considering filing for Chapter 7 or Chapter 13 bankruptcy, then you are probably also asking yourself “How am I going to pay for a bankruptcy when I can’t pay any of my other bills?” It is a natural question. After all, attorneys do not come free and there are mandatory filing fees. Here are some suggestions that might help you find an answer to the question you’re asking.
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A: There is no one answer for everyone. People considering filing bankruptcy from excessive debt have a number of options to choose from. It is important to understand the differences and impacts from one option to the next. The My AZ Lawyers, PLLC, bankruptcy attorneys servicing Phoenix, Scottsdale, Tucson and all of Arizona, will take the time to give you all the information you need to make the best decision for your situation.
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A: In searching for someone to help you with your bankruptcy filing in Arizona, be it Phoenix, Tucson or another part of the state, you should consider a bankruptcy lawyer that is both experienced as well as efficient at completing the necessary bankruptcy paperwork. A knowledgeable bankruptcy attorney knows the questions to ask and different ways to solve the many problems that can arise through filing for bankruptcy.
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A: To begin, a simple interview with a professional and courteous bankruptcy attorney at any of our locations throughout Arizona will enable our bankruptcy specialist to determine if filing for bankruptcy in Arizona is right for your particular circumstance. Follow these basic steps to filing for bankruptcy in Phoenix, Tucson, Flagstaff, Mesa, and Chandler or wherever you reside throughout Arizona.
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